YourDataConnectTM is the industry’s first SaaS-based data monetization platform. Data monetization consists of three components: Increasing Revenues, Reducing Costs and Managing Risk. Of the three components, Managing Risk is especially important in highly regulated industries such as financial services. Regulatory Compliance is a key enabler of Managing Risk.
YourDataConnectTM brings together data management, technology and law to support regulatory compliance for data monetization.
Figure 1 shows an inventory of regulations including Anti-Money Laundering (AML), California Consumer Privacy (Act) and the Equal Credit Opportunity Act (ECOA). The app is fully configurable, and each regulation can be mapped to the associated jurisdictions, policies and Critical Data Elements.
Figure 1: Inventory of regulations in YourDataConnectTM.
Our legal engineering team pored through thousands of pages of the regulations, harvested data artifacts and loaded them into YourDataConnectTM. For example, Figure 2 shows a list of CDEs for ECOA.
Figure 2: CDEs for ECOA.
Finally, the platform also operationalizes certain critical processes to support regulatory compliance. For example, the Fair Credit Reporting Act (FCRA) contains many substantive compliance requirements for consumer reporting agencies designed to help ensure the accuracy and integrity of the consumer reporting system. FCRA defines a consumer reporting agency as a person that generally furnishes consumer reports to third parties. By their very nature, such third parties as banks, credit unions, and other financial institutions have a significant amount of consumer information that could constitute a consumer report, and thus communication of this information could cause the institution to become a consumer reporting agency.
FCRA contains several exceptions that enable parties, such as a financial institution, to communicate this type of information, within strict guidelines, without becoming a consumer reporting agency. Rather than containing strict information-sharing prohibitions, the FCRA creates a business disincentive such that if an entity shares consumer report information outside of the exceptions, then the institution is a consumer reporting agency and will be subject to the significant, substantive requirements of the FCRA applicable to those entities. Typically, an entity such as a financial institution will structure its information sharing practices within the exceptions to avoid becoming a consumer reporting agency.
As shown in Figure 3, YourDataConnectTM supports several out-of-the-box and custom workflows including for data sharing. These data sharing workflows can be configured so that data owners can obtain the necessary approvals before sharing data in a manner that does not trigger the organization to be classified as a consumer reporting agency.
Figure 3: YourDataConnectTM supports data sharing workflows.
For more information, please go to yourdataconnect.com or email us at [email protected].
Sunil Soares
Founder & CEO
YourDataConnectTM